Existing shareholders Disruptive Capital Finance and Finance Wales also joined the second close funding, alongside a syndicate of individual angel investors that includes Better Capital’s Jon Moulton, Q Chip’s executive chairman and biotech entrepreneur Ken Powell, and industrial entrepreneur Sir Harry Solomon.
Disruptive Capital Finance has led previous investments in the company, which develops sustained-release drug formulations for cancer and other diseases, that now total about $14.2 million.
Part of the funds will be invested in establishing a sterile pharmaceutical production facility at Q Chip’s new European manufacturing subsidiary, Q Chip BV, located on the Chemelot Campus in the Limburg region of the Netherlands.
Marcel Kloosterman, investment manager of Limburg Ventures, says, ‘Q Chip’s novel drug delivery technology complements the technologies being advanced in the region and we are keen to support the company in establishing its exclusive European manufacturing facility.’
The company plans to increase levels of production in order to support the pre-clinical development of its own Q-Leuprolide and Q-Octreotide depots, which are being developed for prostate cancer and the metabolic disorder acromegaly respectively.
Powell says, ‘The successful completion of this financing round in these challenging economic times demonstrates further investor confidence in Q Chip’s technology and the compelling advantages it offers to the biopharmaceutical industry.’